玩股撇步(動畫小學堂)  

  • 應收帳款周轉率和存貨周轉率如果一路下滑, 如果是因為賣不出去, 就要當心了!
  • 存貨在不同時期有不同的意義, 像是滯銷, 或是因為報價回升而屯貨, 或是積極備料, 這都需要去看存貨細項和判斷當時的情況來分辨
  • 當存貨增加時, 還需要注意增加的是不是商品或製成品. 如果是在製品或原物料, 反而有可能是供給不順沒法變製成品又或者是需求旺盛(短期營收趨勢向上)
  • 處在景氣下行的公司當存貨細項-原料和在製品的回升可能代表訂單開始回溫了
  • 當記憶體模組廠, 像是威剛、十銓存貨增加時, 有可能是在增加低價庫存, 代表著景氣循環來到相對低點, 也許就是建立部位的好時機
  • 當淨營業週期(日)接近於0, 代表公司好像在做無本生意
應收帳款周轉率和存貨周轉率-近20季
應收帳款周轉率 QoQ YoY存貨周轉率 QoQ YoY平均收帳天數 QoQ YoY平圴銷貨天數 QoQ YoY應付帳款付現天數 QoQ YoY淨營業週期(日) QoQ YoY
22Q2 (20)0.14-60.0-79.710.500.0-12.28634.67141.6381.65183.321.1313.97104.768.730.98713.23105.18277.61
22Q1 (19)0.35-50.7-59.770.50-28.57-16.67262.69105.27152.15181.2738.9619.1296.3546.962.08347.6180.24114.61
21Q4 (18)0.711.43-38.790.7040.0-11.39127.97-1.1662.77130.45-27.6813.2965.56-35.19-3.6192.86-7.5953.36
21Q3 (17)0.701.45-13.580.50-12.28-18.03129.47-1.7515.82180.3712.1420.25101.15-2.54.53208.6910.4926.47
21Q2 (16)0.69-20.690.00.57-5.0-6.56131.7726.480.47160.855.78.04103.749.91-5.07188.8816.6110.6
21Q1 (15)0.87-25.042.620.60-24.057.14104.1832.51-30.38152.1832.16-6.0894.3938.79-29.01161.9728.79-9.37
20Q4 (14)1.1643.2156.760.7929.51-2.4778.62-29.67-35.99115.15-23.232.8968.01-29.72-29.38125.76-23.79-9.17
20Q3 (13)0.8117.39-7.950.610.0-19.74111.79-14.777.78149.990.7524.8696.77-11.45-14.13165.01-3.3748.44
20Q2 (12)0.6913.11-11.540.618.93-20.78131.16-12.3513.1148.88-8.1226.0109.28-17.81-11.15170.77-4.4453.65
20Q1 (11)0.61-17.57-14.080.56-30.86-29.11149.6421.8417.54162.0344.7740.9132.9638.0712.33178.7129.0844.19
19Q4 (10)0.74-15.9129.820.816.58-8.99122.8218.41-23.42111.92-6.8310.0696.30-14.543.07138.4524.55-17.9
19Q3 (9)0.8812.8272.550.76-1.35.56103.72-10.56-41.54120.131.67-5.22112.69-8.375.48111.160.02-43.67
19Q2 (8)0.789.8625.810.77-2.5314.93115.97-8.91-20.4118.162.75-13.56122.993.90.33111.14-10.33-30.45
19Q1 (7)0.7124.56-21.110.79-11.24-2.47127.31-20.6226.12115.0013.092.38118.3726.6917.17123.94-26.5110.41
18Q4 (6)0.5711.76-9.520.8923.61-5.32160.38-9.6110.9101.69-19.764.8993.43-12.5517.43168.64-14.534.1
18Q3 (5)0.51-17.74-45.740.727.46-41.46177.4321.7883.58126.74-7.2870.6106.84-12.8589.97197.3223.4972.03
18Q2 (4)0.62-31.110.00.67-17.280.0145.7044.340.0136.6921.690.0122.5921.350.0159.7942.350.0
18Q1 (3)0.9042.860.00.81-13.830.0100.94-30.20.0112.3315.860.0101.0226.970.0112.25-30.710.0
17Q4 (2)0.63-32.980.00.94-23.580.0144.6249.630.096.9530.50.079.5641.470.0162.0041.240.0
17Q3 (1)0.940.00.01.230.00.096.650.00.074.290.00.056.240.00.0114.700.00.0
應收帳款周轉率和存貨周轉率-近10年
應收帳款周轉率 YoY存貨周轉率 YoY平均收帳天數 YoY平圴銷貨天數 YoY應付帳款付現天數 YoY淨營業週期(日) YoY
2021 (10)2.64-8.972.34-12.36138.249.68156.1314.3584.94-14.13209.4227.96
2020 (9)2.900.352.67-16.3126.04-0.32136.5419.3498.92-8.78163.6623.6
2019 (8)2.89-1.033.19-10.89126.451.3114.4112.33108.4417.16132.41-1.27
2018 (7)2.92-4.893.58-16.16124.835.16101.8519.2592.5641.38134.12-3.27
2017 (6)3.07-3.154.27-18.82118.713.0285.4123.1665.4715.51138.658.4
2016 (5)3.1738.435.26-8.04115.23-27.5869.358.6556.68-26.99127.91-11.98
2015 (4)2.298.025.7223.54159.11-7.5663.83-18.9877.6320.51145.32-22.08
2014 (3)2.1223.984.6348.87172.13-19.1278.78-32.8364.421.4186.49-30.05
2013 (2)1.71-10.943.115.78212.8311.93117.28-5.663.5322.81266.591.5
2012 (1)1.9202.940190.140124.24051.730262.640

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